With the Bank's Consumer Price Inflation (CPI) forecast remaining at 5.4 per cent for FY24-though Q2FY24 saw a minor revision to 6.4 per cent - the policy stance was retained, with the Monetary Policy Committee (MPC) deciding "to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth".
Consequently, the standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The decision to keep the policy repo rate unchanged at 6.50 per cent also takes into account the evolving inflation-growth dynamics and the cumulative policy repo rate hike of 250 basis points which is still working through the economy.
The unanimous decision of MPC to retain status quo on policy rate came after its meetings on 4th, 5th and 6th October, 2023 and follows a detailed assessment of the evolving macroeconomic and financial developments and the outlook. Governor Shaktikanta Das advised vigilance as the need of the hour and against complacency, drawn from lessons from the past -- of one and a half decades -- and from living through the global financial crisis which suggest that risks and vulnerabilities can grow even in good times. "All stakeholders in the economy, be it lenders, corporates, businesses - small and big - and even policymakers should continue to reinforce their buffers and fundamentals in the fast changing world that we live in," Das said, elaborating on the decision of the MPC.
هذه القصة مأخوذة من طبعة October 07, 2023 من The Business Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة October 07, 2023 من The Business Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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